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What are the current FHA, VA, and conforming loan limits for Multnomah County for 2021? This article will outline these important numbers.
Loan limits for Multnomah County, Oregon were increased for 2021. Federal housing officials have raised the maximum loan caps for FHA, VA and conventional (conforming) home loans within the county. They made this adjustment in response to significant home-price gains that occurred during 2020. You’ll find all of the 2021 limits below.
FHA loan limits are established by the Department of Housing and Urban Development (HUD). They are reviewed every year and, when warranted, increased in order to keep pace with rising home values.
Here are the 2021 FHA loan limits for Multnomah County, Oregon:
Note: The single-family FHA loan limit of $491,050 applies to most “regular” home buyers in Multnomah County, who tend to purchase single-family homes. The other categories generally apply to investors purchasing multi-family housing units like duplexes and triplexes.
According to real estate data company Zillow, the median home price for Multnomah County is $501,573, which increased by about 14.4% from the same time last year.
In the Portland area, the FHA loan limit for a single-family homes will apply to all of Clackamas, Columbia, Multnomah, Washington, and Yamhill counties, as outlined in the chart below:
During 2021, conforming loan limits have also increased as a result of home price appreciation in 2020. And they are slightly higher than the FHA caps shown above.
Here are the 2021 conforming loan limits for Multnomah County.
The median home price for the county was around $501,573, as of June 2021. Conforming loan limits are quite a bit higher than this median price. This means that home buyers who prefer to shop within these limits should have plenty of properties to choose from in 2021.
Even in the Portland real estate market, the median home price is currently below the single-family loan limits shown above. As of June 2021, the median house value in Portland was around $501,573, according to Zillow.
A quick word about jumbo loans. When a conventional home loan exceeds the conforming limits shown above, it is referred to as a “jumbo” mortgage. This level of financing is still widely available in 2021, though it often requires a larger down-payment investment from the borrower.
Check out our mortgage loan limit tool for conventional, FHA, and VA loans.
VA loan limits have been eliminated for eligible veterans. That means there is more flexibility when it comes to the loan amount taken out while still being able to take advantage of a zero down payment option. Previously, borrowers needed a down payment of 25% of the amount over the limit if they took out a jumbo loan.
*However, only those who have more than one active VA home loan or who have previously defaulted on a VA loan may still have loan limits applied to them in terms of whether or not they need to put forth a down payment.
Are you looking to apply for a mortgage in Multnomah County? If so, Sammamish Mortgage is available to help. We are a family-run mortgage company that offers everything you need to make your dreams of homeownership happen. We have worked with borrowers in Washington, Oregon, Colorado, and Idaho since 1992 and provide different mortgage programs to borrowers all across the Pacific Northwest region. Contact us today if you have questions about applying for a mortgage.
Are you thinking of buying a home in Washington state using a VA loan? Read on to find out more and to check out our loan limits tool.
VA loans are highly beneficial to veterans who qualify, mainly because of the option to put no money down. Read on to find out more and to check out our loan limits tool.